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    Oceanteam declares option for fifth newbuild

    Vessel & ROV News // October 11, 2007

    Oceanteam Power & Umbilical ASA has announced that the company has declared its option with Metalships & Docks to build an additional construction support vessel with delivery in early 2011.
    The vessel will be 100 per cent owned by Oceanteam Power & Umbilical through a special purpose company named 'North Ocean V AS.
    The vessel will be named North Ocean 105. Oceanteam will target the vessel at its established subsea/power and umbilical installation business, with particular emphasis on larger cable projects with its partner ABB.
    The building cost for the vessel - including cranes and finance - is approximately Euros 60 million.
    The vessel will have DP3, be 137m long with a breadth of 27m and have approximately 2,400mē of free construction deck.

    Oceanteam plans to install two heave compensated cranes - one 250 tonne and one 150 tonne - and provide accommodation for up to 120 people.

    Oceanteam is already building four large construction support/power cable lay vessels in Vigo of which the first delivery in the series is 50/50 owned with Bourbon Offshore Norway AS. This vessel, Bourbon Oceanteam 101 vessel is expected to be delivered in November, after which it will start a three-year commitment with BP Angola as field support vessel.

    The second vessel in the series, North Ocean 102, has recently been contracted by CICSA of Mexico for a minimum period of five years starting directly after vessel delivery, which is planned for May 2008.

    North Ocean 103, with delivery early 2009, has been committed to start operations with ABB High Voltage Cable on the StatOil Gjoa Project in Norway and the Britned 244km power interconnector project connecting the Netherlands and the UK, which is due for installation in year 2009 and 2010.
    Bourbon Oceanteam 104, also 50/50 owned with Bourbon Offshore Norway AS, is scheduled for delivery in early 2010, and is currently uncommitted.


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